VANCOUVER, Nov. 4, 2019
/CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company")
(TSX-V:ROE / OTCQB: RNSFF) reports its third quarter 2019
results. All dollar figures are Canadian dollars, unless
otherwise noted.
HIGHLIGHTS FOR THE THIRD QUARTER 2019
- Revenue and operating netback in the third quarter of 2019 were
$4.8 million and $0.8 million respectively, with production
improving to 1,264 boe/d compared to 1,226 boe/d in the previous
quarter; and
- Renaissance closed on a strategic investment with Energy
Mexican Services, LLC for gross proceeds of US$2.0 million to the Company.
|
|
|
Three Months
Ended
|
|
|
|
Sep 30,
2019
|
Jun 30,
2019
|
Sep 30,
2018
|
|
Production
|
|
|
|
|
|
Crude oil
(bbl/d)
|
381
|
376
|
547
|
|
Natural gas
(mcf/d)
|
5,300
|
5,102
|
6,010
|
|
Total
(boe/d)
|
1,264
|
1,226
|
1,548
|
|
|
|
|
|
|
|
Prices
|
|
|
|
|
|
Crude oil
($/bbl)
|
77.31
|
82.83
|
84.27
|
|
Natural gas
($/mcf)
|
4.42
|
4.54
|
5.03
|
|
|
|
|
|
|
|
Revenue
|
|
4,832,555
|
4,955,548
|
7,108,914
|
|
Royalties
|
|
(3,747,438)
|
(3,964,234)
|
(5,749,279)
|
|
Operating
costs
|
(238,742)
|
(239,054)
|
(561,836)
|
|
Operating
netback
|
846,375
|
752,260
|
797,799
|
|
|
|
|
|
|
|
Net income
(loss)
|
(266,995)
|
(1,112,903)
|
(136,928)
|
|
Per share, basic
& diluted
|
0.00
|
0.00
|
0.00
|
|
1 See
Non-GAAP Measures - Section 11 of the MD&A
|
PRESIDENT'S MESSAGE
In the third quarter of 2019, Renaissance, and its partner
LUKOIL, continued to negotiate towards the development plan for the
Amatitlán block for the commercialization of all prospective zones,
with particular emphasis on the Upper Jurassic formations.
Specifically, management is progressing the migration of Amatitlán
from a service contract to a mutually beneficial contract structure
for all partners.
Renaissance produced an average of 1,264 boe/d at the
Mundo Nuevo and Malva blocks in
Chiapas during the third quarter
of 2019 which has been consistent with previous production levels
while Topén-3 has been shut in. The Company is preparing for
the upcoming drilling and work-over activities in Chiapas and has now negotiated all required
land access requirements for this work program.
Renaissance continues to make progress on its journey to become
a major Mexican energy producer.
For further information, please visit our website at
www.renaissanceoil.com.
RENAISSANCE OIL CORP.
|
Per:
|
Craig
Steinke
|
|
Chief Executive
Officer
|
This news release should be read in conjunction with the
Company's financial statements for the three and nine months ended
September 30, 2019 and related
management's discussion and analysis. These filings are available
for review on SEDAR at www.sedar.com.
Abbreviations:
|
bbl or
bbls:
|
barrel or
barrels
|
mcf:
|
thousand cubic
feet
|
|
bbls/d:
|
barrels per
day
|
mcf/d:
|
thousand cubic feet
per day
|
|
boe:
|
barrels of oil
equivalent
|
mmcf:
|
million cubic
feet
|
|
boe/d:
|
barrels of oil
equivalent per day
|
mmcf/d:
|
million cubic feet
per day
|
Cautionary Note Regarding Forward-Looking
Statements
This news release contains
"forward-looking statements" within the meaning of Canadian
securities legislation, including, without limitation, statements
with respect to increase production, reduce field operating costs
and increase operating netbacks, future prices received for crude
oil and natural gas, the initiation of and success of the drilling
program at Amatitlán and at the Chiapas Blocks and the Company
becoming a major Mexican energy producer. Forward-looking
statements are statements that are not historical facts which
address events, results, outcomes or developments that the Company
expects to occur; they are generally, but not always, identified by
the words "targets", "expects", "plans", "anticipates", "believes",
"intends", "estimate", "projects", "aims", "continue", "potential",
"goal", "objective", "prospective", and similar expressions, or
that events or conditions "will", "would", "may", "can", "could" or
"should" occur. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company's management on the
date the statements are made and they involve a number of risks and
uncertainties. Certain material assumptions regarding such
forward-looking statements including risks and uncertainties are
discussed in this news release and the Company's audited financial
statements and management's discussion and analysis for the year
ended December 31, 2018 as filed
at www.sedar.com. Although the Company has attempted to take
into account important factors that could cause actual results to
differ materially from those anticipated, there may be other
factors that cause the results of the Company's business not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Except as required by the securities disclosure
laws and regulations applicable to the Company, the Company
undertakes no obligation to update these forward-looking statements
if management's beliefs, estimates or opinions, or other factors,
should change. The forward-looking statements included in this news
release are expressly qualified in their entirety by this
cautionary statement. Accordingly, readers should not place undue
reliance on forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Renaissance Oil Corp.
